MistNet Launches CyberMist Advanced Threat Detection Platform using Edge AI and Mist Computing, Closes Series A Funding Round

Investment backs new platform to provide faster, more accurate threat
detection and response reducing false positives by up to 90%, securing
complex enterprise environments end-to-end

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–MistNet today announces the industry’s first multi-entity threat
detection and response platform providing 360-degree visibility into
threats and vulnerabilities from desktop to data center to public cloud
and IoT environments—through an industry-first application of mist
computing and edge AI technologies. The company also announces the
closing of a $7 million Series A funding round led by Foundation Capital
with participation from Westwave Capital and a market-leading networking
and security company, to be used to support the company’s rapid growth
in the US and global markets.

Cybersecurity for enterprises today is daunting. A typical enterprise
deals with on average 17,000 alerts per week, of which 96% go
uninvestigated due largely to staffing limitations. Moreover, 14% of
breaches do not elicit any alert, meaning intruders are discovered long
after the initial breach. Attackers lurk 269 days on average in a
compromised enterprise. MistNet is bringing enterprises a more efficient
and comprehensive approach to threat detection and response — combining
edge AI with mist computing to automatically hunt threats in real-time,
all the time, end-to-end across the entire enterprise.

The global security analytics market, valued at $2.92B in 2018, is
expected to soar to $5.4B in 2024 with a CAGR of 10.7%, according to
data from a recent Security Analytics Market Report. MistNet aims to
disrupt this market, and adjacent markets that focus on network traffic
analytics and user behavioral or OS/container analytics, by combining
them into a single platform modeling user, network and OS/container
environments with comprehensive threat modeling, anomaly detection and
AI-assisted hunting.

Enterprises today wrestle with a sprawl of security appliances and
agents generating inordinate amounts of security data to be sifted
through manually for anomalies, breaches and inside threats, often times
well after the fact. CyberMist breaks through the silos, monitoring
users, hosts, OS internals, networks (LAN and WAN), public cloud
resources, and IoT environments using sophisticated distributed machine
learning models to autonomously hunt and stop unusual and threatening
activity in real-time, all while eliminating the backhauling of security
data.

We’re very excited to announce the availability of our CyberMist threat
detection and response platform, combining geo-distributed edge AI with
patent-pending mist computing technologies,” said Geoffrey Mattson,
President and CEO at MistNet. “With CyberMist we’re able to deliver
maximum accuracy, efficiency, and performance across the entire modern
enterprise attack surface, stopping attacks before they happen and
lessening the burden on security operations teams.”

CyberMist—Better detection by design

At the heart of CyberMist is superior detection. Unlike systems that
focus only on network detection or endpoint detection, CyberMist
provides full 360-degree visibility by applying advanced threat modeling
techniques end-to-end across end user, host, OS, network, and cloud
resources. This dramatically reduces the number of false-positives (by
up to 90% on average) generated by systems that only see a partial view.
With CyberMist, enterprises can significantly reduce the overrun of
security data, ensuring that organizations are taking corrective action
on bona fide events and breaches.

TensorMist-AITM enables data analytics and
processing “on location”

CyberMist combines advanced threat detection capabilities with its
unique patent-pending TensorMist-AITM mist computing
technology, transforming how and where security data analytics are
performed. With TensorMist-AI, rather than backhauling security data to
centralized compute resources for analytic processing, the system moves
compute power to the data through its innovative use of mist computing
technology, eliminating any data movement.

TensorMist-AI constructs a highly-scalable dynamic security data
analytics mesh that is geographically distributed in nature, yet
maintains a centralized view and control function via the cloud. By
eliminating the movement of data, CyberMist delivers two critical
advantages to enterprises:

  1. Performance at scale: TensorMist-AI distributed analytics
    architecture is inherently self-scaling, capable of scaling infinitely
    as detection and performance needs dictate while eliminating the
    backhaul tax that would otherwise plague a system such as this.
  2. Privacy and compliance: By keeping security data at its origin
    and performing analytics ‘on location’, the TensorMist-AI architecture
    ensures that privacy and compliance regulations are not inherently
    violated as part of security operations procedures.

These capabilities reside in a 100% cloud-native scale-out architecture
designed to scale seamlessly and effortlessly with enterprise needs.
CyberMist is offered as a subscription service, and available globally
now.

MistNet Series A Funding – Accelerating innovation

Cybersecurity continues to be of paramount concern for all enterprises
as a breach can result in devastating frontpage news to the business and
the customers they serve. It comes as no surprise that cybersecurity
spending is significant. According to recent research from Gartner,
global cybersecurity spending in 2019 will exceed $124B (~9% growth over
2018). And cybersecurity investments are keeping pace with this sector
growth. Momentum Cyber reports that 2018 closed with $6.2B of total
capital raised by cybersecurity startups (a 15% increase from 2017),
with 383 deals.

The firms in this series A Round of funding all have deep cybersecurity
investment and development expertise, signaling a strong
vote-of-confidence in both MistNet’s technology and team.

MistNet is at the right place, at the right time,” said Paul Holland,
General Partner at Foundation Capital. “We see the cybersecurity
landscape undergoing a significant transition, as legacy technologies,
techniques and assumptions yield to a new solution set geared for the
modern enterprise. MistNet brings the right combination of cyberdefense,
artificial intelligence, and human intelligence to secure the modern
enterprise at any scale.”

Customer Quote: Sherry Ryan, CISO, Juniper Networks

MistNet’s big value is that it automatically hunts for the threats that
have successfully bypassed other security tools. It does this through
deep packet inspection and applied machine learning to determine what
traffic is normal, per user or host, and what is out of that norm. Along
with a continuous re-evaluation of traffic patterns against attack
methods, MistNet provides us with very intelligent and actionable
security alerts.”

Additional Comments on the News: Pradeep Sindhu, Founder and
Chief Scientist, Juniper Networks

Addressing cybersecurity at the speed and scale of today’s
highly-distributed enterprise IT environments poses a number of
significant technical and engineering hurdles. We believe that
delivering true cyber defense at scale is ultimately a computational
challenge best addressed by mist computing technology. CyberMist
represents the embodiment of this vision, and the MistNet team the best
to bring this technology into its commercial stage, delivering
breakthroughs in detection performance, accuracy and compliance across
the entire enterprise.”

About Foundation Capital

At Foundation Capital our guiding star is building significant
businesses of lasting value. Founded in 1995, we’ve made more than 200
investments, with a cumulative capital commitment of $3.5B. In all,
we’ve had 28 IPOs and 75 acquisitions. Our portfolio of companies
includes Netflix, MobileIron, TubeMogul, LendingClub, Sunrun, and
ForgeRock. Our practice areas range from enterprise software and
frontier technology, to fintech and consumer products and services. Our
partners are former operators and entrepreneurs, who’ve successfully
walked the path of the founder. Now, they help other entrepreneurs to
create great, enduring companies.

About MistNet

MistNet was founded in 2016 with the simple mission of making the
connected world a safer place. The team focuses its energies on securing
large-scale complex enterprise environments developing disruptive
technology using distributed AI and mist computing technology to
dramatically improve threat detection at scale and significantly
reducing false positives. MistNet is deployed in Fortune 1000 customers
worldwide. The company is backed by top-tier VCs with global
headquarters in Mountain View, California and development operations in
Chennai, India. MistNet can be found online at http://www.mistnet.ai.

Contacts

Renee Newby
[email protected]
757.651.6554

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